SINGAPORE – While the Emerald of Katong hits 99% sales at launch, the government land sale (GLS) site for Bayshore Road saw just eight bids. The top bid of $658.88 million or $1,388 psf per plot ratio (psf ppr) came from Sing-Haiyi Garnet while the second place went to Sing Holdings Residential with a bid of $653.53 million ($1,377 psf ppr).
“Today’s tender closing shows developers ramping up efforts to acquire residential sites, especially in popular areas. The intense competition reflects this shift, aligning with strong recent sales at Emerald of Katong and Parktown Residences in eastern Singapore.”
SingHaiyi successfully secured the Bayshore site with a top bid of $1,388 psf ppr, narrowly surpassing the next highest offer of $1,377 psf ppr by just 0.82%. This razor-thin margin underscores the strategic approach taken by bidders in a competitive yet measured market.
The tender result reaffirms the strong demand for well-located sites, particularly those that minimize capital risk while offering prime connectivity. With its proximity to Bayshore MRT, the site’s appeal remains high, attracting keen interest from developers navigating an evolving property landscape.
Bayshore Road New Launch Show Flat Indication of Interest
The Bayshore Road site could be developed into a new residential project with about 515 units.
Map and overview of the Bayshore Road site (Source: URA SPACE)
realbricks estimates that the new residential development at Bayshore Road could be launched at $2,600 to $2,700 psf
